What Your Trucking Insurance Should Cover

The trucking industry is essential for getting goods and services where they need to go in a timely fashion. You can protect your trucking business with a solid insurance policy. Whether you are looking for a very basic policy or trucking liability insurance in Texas, here are some things to consider.

Basic trucking coverage is similar to the coverage you receive on your personal vehicle. This type of coverage is essential. It protects your company’s assets in the event of an accident or collision, providing compensation for necessary repairs or replacement. It covers your losses if a truck is stolen or vandalized, and it covers damage from accidents, even the ones caused by your own drivers.

Other coverage you might consider for your trucking company varies according to your particular needs. Most policies also include trucking liability insurance in Texas, which covers accidents that occur as the result of neglect. If you regularly haul expensive items, it might be helpful to add cargo insurance to your policy in case of theft or damage to the goods you are transporting.

Essentially, your insurance policy should cover any foreseen risk that your trucking company might encounter. It is a good idea to protect your business from revenue loss from collisions, theft or negligence.

Errors and Omissions Coverage for Legal Firms

The workplace is an environment that comes with its own set of challenged and liabilities, but did you know that a company or individual can be sued for things that they don’t do? While most would consider lawsuits as a consequence of harm or injury, many companies and professionals are exposed to damages resulting from any errors and omission claim by a client. In order to address these concerns and provide counsel, professional liability insurance for lawyers handle the legal matters arising from a damages claim.

Professional liability insurance is also known as an Errors and Omission (E&O) policy. General liability coverage does not cover where situations of negligence are claimed as a result of some advice or service-provided by individuals employed within the company.The coverage is most often focused on allegations that include failure to perform on the part of, errors or omissions in the product or services sold or rendered by the policyholder and financial loss caused by the actions or inactions of the company.

Professional liability insurance for lawyers offers coverage based on the size of the firm. Most E&O policies offer:

  • Policy limits of upwards to $15 million
  • All jurisdictions considered
  • All practice areas considered
  • Claims-Made Policy Written on Both Indemnity and Defense Policy Forms
  • Manuscript policy wording

Check with a provider for the coverage applicable to your firm or practice.

Insurance for a Service Industry

If you own a manufacturing facility, you are well acquainted with the risks and exposures you face on a daily basis. Whether you are concerned about employee safety or financial loss in the event of a product malfunction, the right manufacturer insurance policy will address these challenges.

What It Covers

The industries serviced by manufacturing companies are many, increasing the diversity of liability needs for those engaged in these operations. Your insurance provider will be able to more fully divulge policy coverage applicable to your services, but the following items are commonly covered.

  • Property
  • General Liability
  • Business Interruption
  • Off-Premises Utility Interruption
  • Equipment Breakdown
  • Pollution Liability
  • Product Liability
  • Employment Practices Liability
  • Directors & Officers Liability
  • Workers’ Compensation
  • Commercial Auto
  • Product Recall
  • Crime
  • Manufacturer’s Errors and Omissions

Who Needs It?

There are many industries relying on the products and support of the manufacturing industry, and while the services and goods may vary, liability risks are evident. Those who would benefit from a manufacturer insurance policy include those working with apparel, metal production, electrical equipment or machinery, industrial molds, home furnishing construction or repair, wood or plastic products and food and beverage distribution.

Your work and services are valuable to the economy, and you would be wise to protect your company from financial liability and undue stress with a comprehensive insurance policy.

Meet Expectations With a Staff Insurance Policy

Staffing agencies seem to be everywhere these days, for good reason. Not only do these organizations connect qualified employees with good employers, they help companies avoid many of the costs and stresses associated with recruitment and retention. Of course, they also face legal liabilities that other types of businesses easily avoid. If you own a staffing agency, purchasing staffing insurance is an effective risk-management strategy.

Comprehensive Insurance Coverage

Staffing agencies need unique insurance. By working with a qualified insurance agent, you can better gauge risk and successfully limit it. To start, however, you may consider purchasing the following types of general business insurance:

  • General liability
  • Property insurance
  • Workers’ compensation
  • Automobile coverage

After purchasing regular business insurance, you may want to add coverage that is tailored to your specific needs. For staffing agencies, coverage usually includes professional liability insurance, fiduciary duty coverage, and director and officer protection. Since you are likely not an insurance expert, you probably want to leave the technical reputable to an experienced insurance agency.

Because employers have a choice when it comes to collaborating with a staffing agency, you want to do what you can to establish your agency as a leader in the industry. By purchasing staffing insurance you not only protect your organization from legal harm, you legitimize it in the eyes of prospective clients.

Marina Insurance Myths Debunked

When it comes to owning a marina, you have to consider marina liability coverage. This will protect you, in the case of a lawsuit or in case of an accident. Unfortunately, as you shop, you may come across myths. Here are two common myths debunked.

Marina Liability Costs Higher Due to Hurricanes Elsewhere

There is a rumor that marina and boat insurance costs are determined by storms. If you live in a state with hurricanes, this may be the case. However, if you have a marina in a state without hurricane risk, you don’t have to worry about your prices skyrocketing due to hurricane damage somewhere else.

Marina Insurance is Cheaper When Purchased From the Home or Car Insurance Company

While there are companies that offer discounts if you have multiple policies from the same insurer, this isn’t always the case. If you choose an insurer that does not specialize in marina liability coverage, you might find yourself underinsured. It’s important that you look around for the best deal available.

Given that myths may make you decide against insurance, it’s important to know the ins and outs. You need to be able to tell the truth from the myths, if you want to protect yourself and those who use your marina.

5 Ways to Save on Your Professional Liability Insurance

In today’s marketplace, your financial institution may find bankers professional liability insurance costs to be a big part of your insurance portfolio. It can be hard to manage the expenses over having peace of mind against claims made against employees. Your financial assets aren’t just on the line. It’s your brand and reputation. If you are trying to be financially conscious and fiscally responsible, consider some of these ways you might save money on insurance but maintaining coverage:

  • Discuss your needs with your insurer. Determine limits on your banker’s professional liability coverage that provide protection.
  • Bundle insurance policies when possible. Although professional liability generally isn’t bundled into a package, ask.
  • Don’t start and stop coverage. Maintain coverage for the long-term.
  • Choose a higher deductible. This can be a good incentive to reduce the risks of a lawsuit.

Keep your claims history clear. Be diligent about training employees and finding methods that prevent problems from happening. Errors do happen, but many types of issues can be avoided.

Know what your banker’s professional liability insurance covers and what it doesn’t. Illegal acts, intentional wrongdoing and false advertising are not covered. Maintain high standards with clients and employees to keep these problems out of your financial institution. Work with your insurer to avoid claims to keep premiums lower.

Importance of Small Business Insurance

Business owners policy coverages help cover your business’s assets, income, and property against certain losses. BOP insurance typically offers three types of coverage: property, liability and business interruption. Some providers allow small businesses to purchase additional options and add them to a BOP bundle.

What it Covers

Small business owners policy coverages are sometimes referred to as commercial insurance. It usually provides protection against theft, fire, wind, lightning and falling objects. Policies may differ slightly depending on the provider. It is important you read over your small business policy carefully to understand all the details.

  • General Liability: This protects against lawsuits brought by individuals who are injured at your business as a result of negligence. It may also help pay medical bills associated with injuries as well as your legal costs.
  • Business Property: This helps protect your business’s building and its contents from certain damages and disasters. Your coverage will most likely have deductibles and limits. Make sure to purchase the appropriate plan for your particular business.
  • Business Interruption: This helps replace lost income or increased costs associated with a covered peril that interrupts your normal business. For instance, if a disaster makes your office uninhabitable, coverage would help pay for rent for a new workspace during repairs.

Conclusion

Many small businesses can benefit from business owners policy coverages. The main policies companies need are bundled in a way that saves you money while providing you with the basic protections you need.

Tips for Finding the Right Insurance to Protect Your High Net Worth

Whether you come from money or created your own wealth, protecting your high net worth is vital to keeping it. High net worth individuals own businesses, expensive properties, luxury items and more. Insurance programs for high networth individuals offer a variety of coverage options and benefits to their policy holders beyond standard coverage.

Coverage Options

Having a high net worth exposes individuals to more liabilities than the standard person. With more money at risk, your insurance policies should address the potential for excess claims beyond the standard policy. In addition, some assets require different types of insurance policies. Popular insurance policies include:

  • Umbrella
  • Excess Liability
  • High Value Homes
  • Tenant Occupied Dwellings

Save Money

Bundling more than one policy together can save individuals money. Time is money for the high net worth individual. By using insurance programs tailored to the high net worth person, you save valuable time not having to research and compare rates, coverage options and terms.

Save time and money by using insurance programs for high networth individuals. Agents in these programs assess your risks and evaluate your liabilities. Policies are tailored to suit your particular exposures protecting your investments. Additional policies may be necessary to cover certain exposures or particular items. An agent can assist by answering any questions about exposures and coverage options you may have.

Protect Your Law Firm with E&O Insurance for Attorneys

Due to the nature of the job, attorneys are particularly vulnerable to claims of negligence or failure to perform promised duties. Nationally, nearly 60,000 allegations of liability will be made against lawyers this year–and the numbers are only trending upward. As professionals in the business of giving advice and providing services to clients, lawyers require the protection of an errors and omissions (E&O) policy, also known as attorney professional liability insurance.

What Does E&O Cover?

E&O insurance is designed to protect an attorney, his staff and his firm from claims of negligence (errors) and failure to perform promised duties (omissions). Such protection is not included in a general liability policy.

An attorney professional liability insurance policy typically pays for legal defense, court costs and awarded damages, up to the limits of the specific plan. Fraudulent, malicious and criminal acts are not covered by E&O insurance.

Common Scenarios

Many clients, such as banks and other lending institutions, require that a firm carry a minimal amount of E&O coverage and will not engage an attorney’s services without proof of insurance. Most often, it is an honest administrative error that leads to claims of liability. Common areas of an attorney’s practice that are particular exposed to such risks include:

  • Title agent or title agency services
  • Notarization services
  • Actions as a trustee or executor of estate

Attorney professional liability insurance is a no-brainer for any size law firm. Don’t risk the financial health of your practice, consult an experienced insurance agent today.

Classic Car Insurance: What You Need to know

It doesn’t matter if you own a muscle car from the 1960s or a 1950s Cadillac, collectibles come in all shapes, sizes and models. As a car enthusiast, you want your car to turn heads. You want to hang onto that pride you feel for your classic car.

In order to keep your car protected at all costs, you need to look at classic collectors insurance. If you haven’t dealt with it in the past, here is what you need to know.

Personal Car Insurance VS Classic Car Insurance

It’s not uncommon to consider adding your classic car to your personal car insurance. The problem with this is one simple fact: most cars depreciate as time goes on. Classic cars, on the other hand, do not. With personal car insurance, the age influences your coverage. So, in case of a wreck, you may come up short.

Long-Term Insurance VS Uninsured

Many collectors only drive their vehicles when the weather is nice or if there’s a show to attend. You never want your car to lapse in insurance, even if you aren’t driving it. Keep in mind that insurance still covers theft and vandalism in your cars off-season.

Classic collectors insurance is crucial when you own a classic car. You put a lot of work into it, you deserve to have it protected for years to come.